Simultaneous declines, everyone holds their breath in anticipation.

Gold prices fell across the board in today's trading session, September 4, 2024. (Illustration photo: Linh Trang)

Updated SJC gold prices

Domestic SJC gold prices closed on September 4, 2024.

Gold price movements in SJC gold over the past month. Source: Rong Viet Online Services Joint Stock Company (VDOS).

Price of 9999 pure gold ring

As of 7 PM today, the price of 9999 Hung Thinh Vuong gold rings at DOJI is listed at 77.4-78.55 million VND/ounce (buying price - selling price); a decrease of 100,000 VND/ounce in the buying price and a decrease of 50,000 VND/ounce in the selling price.

Saigon Jewelry Company listed the price of gold rings at 77.2 - 78.5 million VND/ounce (buying price - selling price); a decrease of 100,000 VND/ounce in both directions.

Bao Tin Minh Chau listed the price of gold rings at 77.38-78.58 million VND/ounce (buying price - selling price); a decrease of 50,000 VND/ounce in both directions.

In recent trading sessions, the price of gold rings has often fluctuated in the same direction as the global market. Investors can refer to the global market and expert opinions before making investment decisions.

World gold prices

As of 7:00 PM, the world gold price listed on Kitco was at $2,489.5 USD/ounce, down $8.3 USD/ounce.

World gold price trends. Source: Kitco

Gold price forecast

Global gold prices fell amid a rise in the US dollar index. As of 7:00 PM on September 4th, the US Dollar Index, which measures the fluctuations of the greenback against six major currencies, was at 101.614 points.

The US dollar remains near its highest level in two weeks. Experts believe that a strong dollar makes gold less attractive to holders of other currencies.

According to Kitco, gold prices have fallen from record highs as investors await the next major catalyst. The shift in focus by the US Federal Reserve (FED) has also played a significant role in gold's recent performance.

Recent remarks by Federal Reserve Chairman Jerome Powell in Jackson Hole, Wyoming, underscored the shift toward prioritizing jobs in the central bank's dual mandate. With inflation projected to reach its 2% target next year, attention is now shifting to potential weaknesses in the labor market.

Investors will also be focusing on the US jobs report for August 2024, scheduled for release on Friday (September 6). Economists surveyed by Reuters expect an additional 165,000 jobs to be added in the US.

Currently, traders see a 31% chance that the Fed will cut interest rates by 50 basis points at its policy meeting on September 17-18, and a 69% chance that the Fed will cut rates by 25 basis points.

Regarding the gold price trend forecast, senior market strategist Daniel Pavilonis of RJO Futures believes that a scenario of a rising US dollar and interest rates is not favorable for commodities in general and gold in particular. However, the trend remains upward for gold. Pavilonis stated that gold is still maintaining high levels and that more economic data is needed to clarify the trend.

Source: https://laodong.vn/tien-te-dau-tu/cap-nhat-gia-vang-chot-phien-49-dong-loat-sut-giam-nin-tho-cho-doi-1388868.ldo